Laserfiche WebLink
Filod it Clerk's Office <br />L AUG <br />DAWN M. JONES <br />CITY CLERK. SOUTH BEND, Ih <br />TAX ABATEMENT REPORT <br />TO: South Bend Common Council <br />FROM: Daniel Buckenmeyer, Director of Business Development <br />SUBJECT: REAL PROPERTY TAX ABATEMENT PETITION FOR: <br />Commonwealth Development Corporation of America <br />DATE: August 19, 2020 <br />On Friday, August 7, 2020, a petition from Commonwealth Development Corporation of <br />America was received and subsequently filed with the City Clerk for real property tax <br />abatement consideration for a multi -family property on Michigan Street, South Bend. <br />Pursuant to Chapter 2, Article 6, Section 2-84.2 of the Municipal Code of the City of South <br />Bend, this petition was referred to the Department of Community Investment for purposes <br />of investigation and preparation of a report determining whether the area qualifies as an <br />Economic Revitalization Area pursuant to I.C.6-1.1-12.1 and whether all zoning <br />requirements have been met. <br />The Department of Community Investment has reviewed the petition (a copy of which is <br />attached), investigated the area, and makes the following report. <br />PROJECT SUMMARY <br />➢ Build 60 units of one- and two-bedroom affordable apartments for seniors. <br />➢ By redeveloping that site, the senior housing project will not only serve the <br />community's seniors with a high-quality affordable housing option, it will also <br />serve as a catalyst for future investment into this area of the City. <br />➢ The estimated cost of the construction project is $8,741,520. <br />➢ New project estimated taxes to be paid during a nine-year abatement period — <br />$74,204 <br />1 1 F a , <br />